Corn: March corn rose 2 1/4 cents to $6.55 after reaching the lowest level since Dec. 20. Corn reversed early losses on corrective buying ahead of USDA’s final updates to supply, demand and production data on Thursday.
Soybeans: March soybeans fell 3 1/2 cents at $14.85 and near mid-range. March soybean meal dipped $1.40 at $468.9 and near mid-range. March bean oil closed down 78 points at 62.57 cents and nearer the session low. The soybean complex futures saw mild selling pressure today amid a rebound in the U.S. dollar index from its solid losses seen Monday, and on position squaring ahead of Thursday’s USDA reports
Wheat: March SRW fell 10 1/2 cents to $7.31 after reaching the lowest level since Sept. 30, 2021, while March HRW fell 16 3/4 cents to $8.11 3/4 and March SRW fell 7 1/2 cents to $8.94 1/2. Wheat futures succumbed to additional price pressure as the U.S. dollar index turned higher today, increasing worries about demand for U.S. wheat abroad.
Cotton: March cotton fell 146 points at 84.76 cents and nearer the session low. The cotton futures market was pressured today by a rebound in the U.S. dollar index and by talk in the marketplace that China may harvest a larger-than-expected cotton crop this year.
Cattle: Cattle futures couldn’t sustain sizeable early gains at today’s close, with nearby February futures closing unchanged at $157.75. March feeder futures edged up 20 cents to $186.50. Cattle futures posted an impressive early surge, with both the February and April contracts making serious runs at their respective contract highs.
Hogs: Nearby February futures led the hog complex lower again Tuesday, dropping $1.00 to $79.80. Traders remain quite pessimistic about the short-term hog outlook, apparently doubting the usual early-year rally will come anywhere close to matching historical norms.